CBA, a provider of employee benefit and corporate retirement plans, will employ Synapses’ Sponsor Profile service and Retirement Income Report tools for full analyses of its 401(k) plan clients, according to a press release. The Sponsor Profile service will provide CBA with statistics illustrating the retirement income status not only of each participant, but also of each plan as a whole, and CBA will be able to provide suggested steps to meet retirement income goals for each participant.
Synapses’ Sponsor Profile offers organizations top-down views of:
- Percentage of eligible employees on target for income replacement at retirement;
- Percentage of eligible employees fully utilizing plan design features such as company match, auto-escalation, target date maturity funds, and managed account products;
- Participant action items needed to meet income replacement goals;
- Segmentation of participant audiences according to their actual investment mix compared to what their mix would be in an automatic rebalancing plan; and
- Quantifying the retirement income impact of moving a participant into an automatic rebalancing plan.
Additionally, the release said CBA will use other targeted communication campaigns to further educate its customers’ employees by creating a real-time snapshot of contribution progress and assisting employees to meet savings goals.